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" Countries all around the world, starting with the U.K., have started behavioural insight teams, often referred to as nudge units. And they seem to be doing lots of good. "

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" Anybody who's ever been in a large organization realizes that 'optimizing' is not a word that would often be used to describe any large organization. The reason is that it's full of people, who are complicated. "

Richard Thaler

Used

Complicated

Organization

" You can't make evidence-based policy decisions without evidence. "

" Lotteries are just one way to provide positive reinforcement. Their power comes from the fact that the chance of winning the prize is overvalued. "

" Payroll savings plans are vital because they are essentially the only way that middle-class Americans reliably save for retirement. "

" Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy. "

" People are less likely to think it's immoral to walk away from their home if they know others who have done so. And if enough people do it, the stigma begins to erode. "

" In the world of traditional economics, it shouldn't matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference. "

" If you want to encourage some activity, make it easy. "

" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "

" When it comes to my health, I would rather my doctor base her decisions on science rather than what she, or some lawyer, thinks will stand up in court. "

" The sad truth is that many behavioral economists know very little about psychology. "

" Fortunately, economists open to new ways of thinking are finding novel ways to use supposedly irrelevant factors to make the world a better place. "

" It is true that I am one of the co-authors of 'Nudge,' and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist. "

" As every successful parent learns, one way to encourage good behavior, from room-cleaning to tooth-brushing, is to make it fun. Not surprisingly, the same principle applies to adults. Adults like to have fun, too. "

" High school seniors should receive help in how to think about a student loan and how to make sure that the education bought with the loan offers good prospects for repayment. "

" I am all for trying to teach household finance in schools, starting as early as possible. And when it comes to high school, I think learning about compound interest is at least as important as trigonometry or memorizing the names of all 50 state capitals. "

" Coining a term is not the same as creating a field! "

" One reason for high health care costs is that patients fail to follow their treatment regimen. "

Richard Thaler

Reason

Fail

" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "

" We should at least make sure that patients are given the opportunity to opt out of spending their final days in a hospital, hooked up to tubes and running up enormous bills. "

" It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system. "

" When employees are first eligible for a retirement savings plan, they should be enrolled unless they choose to opt out. "

" For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars. "

" We all need a lot of humility, and especially about the economy. "

" Tort reform is a complicated subject and not a panacea. "

" The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists. "

" One of society's thorniest problems is that children from poor families start school lagging badly behind their more affluent classmates in readiness. "

" The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world. "

" When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless. "

" I practice what has come to be called behavioral economics. "